German plant-based food manufacturer Veganz has successfully secured up to €10m ($10.9m) in equity financing. The funding was obtained through a securities purchase agreement with US-based investment firm Global Corporate Finance LLC (GCF). This financial boost will be instrumental in scaling the production of Veganz’s milk-alternative brand Mililk and their Peas On Earth pea protein-based meat alternative.
With plans to optimize and automate production processes, Veganz aims to increase the production capacity of Mililk milk alternatives based on oats and almonds by fivefold to meet growing demand. The agreement with GCF allows for flexible use of the funds over a 30-month period, with funds being raised through the issuance of new shares based on the valuation at the time of retrieval.
In a strategic move, Veganz had previously acquired “significant parts” of Happy Cheeze, a cheese-alternatives producer, including a portfolio of 13 products such as flavored vegan cheese spreads, parmesan, and camembert alternatives. Veganz also took over Happy Cheeze’s 1,000m2 production facility in Cuxhaven, Lower Saxony.
Veganz CFO Massimo Garau did not disclose the acquisition amount when questioned. Garau emphasized the brand’s focus on Germany and the DACH region (including Austria and Switzerland) with plans to explore expansion opportunities in other countries in the future.
In 2016, Katjesgreenfood, the investment arm of German confectioner Katjes Group, secured a stake in Veganz, further strengthening the brand’s position in the food and beverage industry. This strategic partnership underscores Veganz’s commitment to innovation and growth in the plant-based food sector.
